{"id":8164,"date":"2023-08-05T17:34:23","date_gmt":"2023-08-05T17:34:23","guid":{"rendered":"https:\/\/isafespend.com\/personal-finance\/savings\/if-you-win-the-lottery-these-are-steps-to-take-asap\/"},"modified":"2023-08-05T17:34:24","modified_gmt":"2023-08-05T17:34:24","slug":"if-you-win-the-lottery-these-are-steps-to-take-asap","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=8164","title":{"rendered":"If you win the lottery, these are steps to take ASAP"},"content":{"rendered":"
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One lucky Powerball winner in California is sitting with the $1.08 billion ticket drawn Wednesday night and 36 others, across various states, won $1 million on individual tickets. The jackpot for Friday’s Mega Millions is approaching $750 million.\u00a0<\/p>\n

Lottery fever is sweeping the country. If you are the lucky one with a winning ticket, what should you do? We asked a financial expert about what money moves you should make if you hit the jackpot.<\/p>\n

What are the first steps to take?<\/strong><\/h3>\n

Emily Irwin, managing director, advice & planning, at Wells Fargo\u2019s Wealth & Investment Management, who is based in Minneapolis, says take a pause to privately enjoy the big moment. Next, she suggests assembling a team able to provide you with education and guidance on topics such as tax planning, privacy, wealth management and asset protection.\u00a0\u00a0<\/p>\n

MEGA MILLIONS JUMPS TO $720 MILLION<\/strong><\/p>\n

“Typically, this team may comprise an attorney, accountant, investment professional, charitable adviser and possibly even an insurance specialist,” Irwin told FOX Business. “Set a communication plan and short-term\/longer-term budget.”<\/p>\n

What are the advantages of a lump sum payment versus yearly payout?<\/strong><\/h3>\n

According to Irwin, the advantage of the lump sum payment is that you\u2019ll receive it immediately and have flexibility as to how the money is invested.\u00a0<\/p>\n

“You\u2019ll also have more options available to you regarding asset allocation,” she says.\u00a0<\/p>\n

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<\/source><\/source><\/source><\/source><\/picture><\/div>\n<\/p><\/div>\n

There are multiple funds that offer broad exposure to stocks, gold, oil and bonds, for example, as well as other asset classes.<\/p>\n

If you know that you can\u2019t say no to friends and family or are inclined to spend $1.50 when you have $1, you may be better off with the annuity payment because it\u2019ll provide you with the security of knowing that you\u2019ll receive a steady stream of payments annually, Irwin explained.<\/p>\n

How can you find advisers you can trust?\u00a0\u00a0<\/strong><\/h3>\n

Irwin recommends lucky lottery winners review professional organizations and focus on advisers who specialize in planning for ultra-high net worth individuals.\u00a0<\/p>\n\n\n\n\n\n\n\n\n\n<\/tr>\n<\/tbody>\n<\/table>\n

How to protect your ticket?\u00a0\u00a0<\/strong><\/h3>\n

If you hold a winning lottery ticket, Irwin suggests taking a picture of yourself with your ticket.\u00a0<\/p>\n

“But do not post that picture to social media,” she cautions.<\/p>\n

You may also consider keeping it in a safe deposit box.<\/p>\n

And she recommends holding off on signing the ticket until consulting with a professional team of advisers to ensure that you don\u2019t inadvertently forgo anonymity by accepting your lottery winnings under your own name.\u00a0<\/p>\n

How can you protect and ensure your privacy?<\/strong><\/h3>\n

Irwin tells FOX Business that you should keep the news of your winnings to a close circle of confidants and, by all means, don\u2019t post on social media.\u00a0<\/p>\n

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\"Play<\/source><\/source><\/source><\/source><\/picture><\/div>\n<\/p><\/div>\n

What tax implications should you understand?\u00a0\u00a0<\/strong><\/h3>\n

Lottery winnings are subject to federal income tax, and, in some states, state income tax, she says.\u00a0<\/p>\n

“The lottery automatically withholds 24% for federal income taxes. However, if you\u2019re lucky enough to be holding the winning jackpot ticket, then you\u2019ll be taxed at the highest rate of 37% and need to set aside funds to pay the difference,” Irwin says. “State income taxes vary state by state.”<\/p>\n

<\/u><\/strong><\/p>\n

What is the top do and don\u2019t should you win this lottery?<\/strong><\/h3>\n

A strong “do” is to show up for work the next day, says Irwin, but “don\u2019t” make any major life changes for at least three months.\u00a0<\/p>\n

How to not feel compelled to give handouts<\/strong><\/h3>\n

Your professional team isn\u2019t just there to guide you on the nuts and bolts of taxes. It\u2019s critical to select a team of advisers who can work with you to identify and memorialize your values and goals for your finances, says Irwin.\u00a0<\/p>\n

“You may find that writing a mission statement identifying causes that you\u2019re passionate about will help you say yes and no with grace,” she added. “You may also wish to have a protocol in place for family and friends who may ask you for gifts or loans or expect you to finance expenses such as education, travel or even daily expenses.”<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

One lucky Powerball winner in California is sitting with the $1.08 billion ticket drawn Wednesday night and 36 others, across various states, won $1 million on individual tickets. The jackpot for Friday’s Mega Millions is approaching $750 million.\u00a0 Lottery fever is sweeping the country. If you are the lucky one with a winning ticket, what<\/p>\n","protected":false},"author":1,"featured_media":8165,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[54],"tags":[],"class_list":{"0":"post-8164","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-savings"},"yoast_head":"\nIf you win the lottery, these are steps to take ASAP | iSafeSpend<\/title>\n<meta name=\"description\" content=\"One lucky Powerball winner in California is sitting with the $1.08 billion ticket drawn Wednesday night and 36 others, across various states, won $1\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/isafespend.com\/?p=8164\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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Ticker<\/th>\nSecurity<\/th>\nLast<\/th>\nChange<\/th>\nChange %<\/th>\n<\/tr>\n<\/thead>\n
SPY<\/td>\nSPDR S&P 500 ETF<\/td>\n446.79<\/td>\n-2.02<\/td>\n-0.45%<\/td>\n<\/tr>\n
GLD<\/td>\nSPDR GOLD SHARES TRUST – EUR ACC<\/td>\n180.19<\/td>\n+0.63<\/td>\n+0.35%<\/td>\n<\/tr>\n
IVV<\/td>\nISHARES TRUST CORE S&P 500 ETF<\/td>\n449.09<\/td>\n-2.10<\/td>\n-0.47%<\/td>\n<\/tr>\n
BND<\/td>\nVANGUARD BD INDEX FUND INC TOTAL BOND MARKET ETF<\/td>\n71.70<\/td>\n+0.59<\/td>\n+0.83%<\/td>\n<\/tr>\n
USO<\/td>\nUNITED STATES OIL FUND L.P.<\/td>\n73.79<\/td>\n+0.65<\/td>\n+0.89%<\/td>\n<\/tr>\n